Overview
Screendoor Partners is a San Francisco-based fund-of-funds manager that specializes in backing emerging venture capital managers. The firm manages approximately $1.5 billion and focuses on identifying talented investors who are launching or building new venture capital platforms.
The firm’s thesis is that the best emerging VC managers can deliver exceptional returns by leveraging unique networks, perspectives, and sourcing capabilities that established firms may not possess. Screendoor has been particularly active in backing diverse managers and investors from non-traditional backgrounds who bring differentiated approaches to venture capital.
Screendoor’s team evaluates hundreds of emerging VC managers annually and maintains a selective approach to commitments. The firm’s portfolio spans seed, pre-seed, and early-stage venture strategies across sectors and geographies, with a concentration in the US technology ecosystem.
How to Approach
Emerging VC managers raising Fund I through Fund III should consider Screendoor Partners as a potential anchor investor. The firm has built its reputation by backing talented investors early in their fund management careers and providing institutional credibility that can help emerging managers attract additional LPs.
GPs approaching Screendoor should have a clear, differentiated investment thesis, demonstrable deal flow access, and some form of prior track record, whether through angel investing, prior fund experience, or operating experience. The firm values authenticity, unique sourcing networks, and investors who have demonstrated the ability to identify exceptional companies before they become widely recognized.
Frequently Asked Questions
What types of VC managers does Screendoor Partners invest in?
Screendoor Partners specializes in identifying and investing in emerging venture capital managers, typically Fund I through Fund III firms. The firm looks for managers with differentiated sourcing strategies, strong networks in specific ecosystems, and the ability to identify breakout startups at the earliest stages. Screendoor is particularly focused on diverse and non-traditional VC managers who bring unique perspectives to venture investing.
How does Screendoor Partners evaluate emerging VC managers?
Screendoor Partners evaluates emerging VC managers through a detailed assessment of the individual investor's track record (including angel investments and prior firm experience), deal flow networks, investment thesis clarity, and portfolio construction approach. The firm also assesses the manager's ability to attract co-investors, add value to portfolio companies, and build a sustainable fund management business.
What is Screendoor Partners' approach to portfolio construction?
Screendoor Partners builds diversified portfolios across multiple emerging VC managers, spreading risk across different investment styles, stages, sectors, and geographies. The firm's portfolio construction is designed to capture the power-law dynamics of early-stage venture capital while managing the higher variance associated with emerging managers.
